"College can be funded a variety of ways, but there are no loans for retirement," explains Sullivan. It's especially important to start saving for retirement early, as time is a key force behind retirement fund growth.

If your company matches a percentage of your retirement contributions, make sure your taking advantage of the full match. If your job doesn't offer a 401(k) or other similar retirement plan, consider opening an IRA account.

Step 3: Take a step back

Defining the rest of your plan can be trickier.

"Everyone may have a similar starting point, but their destinations can be vastly different," explains Eric Dostal, a CFP at Sontag Advisory.

Some experts say your next move after addressing retirement should be to build an emergency savings account composed of three to six months' worth of expenses. Others advise paying off any high-interest loans, while others still say to focus on saving for your family.

"A stable job and adequate insurance could mean that an emergency fund is less of a priority," says Mitchell Kraus, a CFP at Capital Intelligence Associates. On the other hand, if you're the sole bread winner and your job isn't stable, an emergency fund is more essential.

Just remember that If you choose to put off paying down your loans, be sure to at least continue making the minimum payments. If you don't, you'll end up even deeper in debt.